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NEWS
QUEEN STREET
• Rare 7 lot, 1,356 sqm*
land parcel in the heart of
the prestigious suburb
of Woollahra.
• Outstanding potential for
owner-occupiers, developers
and investors.
• Currently operating as a 32 room
boutique hotel, including liquor
licence, modern function space,
restaurant, bar and 11 car spaces.
FOR SALE BY PUBLIC EXPRESSIONS OF INTEREST CLOSING 4PM (AEST) TUESDAY, 31ST MAY 2016
WWW.THEHUGHENDEN2016.COM
Lincoln Blackledge
+61 2 9254 9940
+61 408 780 772
Philip Gartland
+61 2 9254 9930
+61 403 582 324
Boundary indicative only. *Approx.
SYDNEY CBD
ALLIANZ
STADIUM
OXFORDSTREET
A LANDMARK
ESTATE WITH
UNTAPPED
POTENTIAL
Boundary indicative only.
1,356 SQM* SITE OVER 7 LOTS
RESIDENTIAL ZONING
ALTERNATE USE POTENTIAL
14 QUEEN STREET - WOOLLAHRA - NSW
088590_151x210.indd 1
4/22/16 3:52 PM
MELBOURNE
MARKET
HEATING UP
The Melbourne hotel market, particularly in the CBD, is
currently showing signs of great strength, with multiple hotel
sales in Victoria’s capital recently. The Metropolitan Hotel,
an iconic corner pub, was sold at auction – with several
bidders raising the price from $5.5 million to $8.61 million,
with a yield return of 2.38 per cent.
The Great Western Hotel on King Street was sold in an
off-market transaction for $6.5 million, with a 2.9 per cent
yield. Josh Rutman, one of the CBRE agents who negotiated
the sale of the Metropolitan Hotel in conjunction with Killen
Thomas, believes corner pubs will continue to be an attractive purchase.
“Buyers have clearly recognised that these corners are in very short supply and are willing to bid aggressively when they come up for sale.”
The sales of these two hotels come off the back of Zagame Group selling a three-pub portfolio – including a top-10 Melbourne gaming venue – to fund
manager Charter Hall for $75 million.
Lazaros Papasavas – the owner of several Melbourne CBD venues commented: “We’ve been very encouraged by the activity and growth in the CBD market
over the last 12-18 months, and as experienced owners of CBD real estate for over 40 years and seeing the appreciation in this asset class first-hand, we are
continuing to actively seek out high quality CBD freeholds.”
CBRE senior director Mark Wizel believes all signs point to increasing property values in Melbourne.
“The cost of debt is low, confidence is improving both from consumers and tenants and this is having a very positive effect on investor sentiment.
“We thought it would be a long time for properties to consistently trade in the CBD on yields below 5 per cent. It has come a lot quicker than expected and
we think that it is here to stay as supply of sub $20 million assets in the Melbourne CBD continues to be limited.”
Eight bidders raised
Metropolitan's sale price
by $3 million